We need oxygen to survive, and every dream of oxygen starvation or suffocation probably symbolises a lack at psychological or intellectual level. Oxygen can express energy and vitality of the dreamer.
Psychologically:
If one suffered in the dream from oxygen starvation, one had crept away either too deeply under the cover, or had meant the dream that awake-I needs more fresh air – in the literal like transferred sense.
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Spiritually:
Oxygen is the elixir of life. If it is supplied to one, these new impulses and new energy mean for the soul.